PayPal - Send Money review (iPhone)

As if it wasn’t already difficult enough to keep money in our pockets, we review the all-new iPhone PayPal app, which makes virtual spending a doddle

Cheques are set to become extinct in the next few months, and you really have to wonder how far behind cash-the notes and coppers are. Banks already trade in electronic pound notes, as money zips between accounts within an hour or two, and sending dosh between countries is the work of just a few mouse clicks. No gold or physical money actually moves; just the figures change place.

PayPal is in no small part responsible for the proliferation of personal electronic payments. The eBay financial company is actually a thing of significant wonder. It was born from a need to pay quickly, easily and safely for nostalgic nick-nacks on the epic auction site, and has become a financial powerhouse that allows anyone to make and receive bank transfers and credit card payments. We're used to it, so the novelty has gone, but PayPal is an incredible breakthrough in world finances.

And so it comes to the iPhone. PayPal has been on the Apple handset for quite a while, but the latest incarnation of the application is another significant step toward the cash-less revolution.

You begin by signing in using your standard PayPal email address and password. Once into the app you can set up a PIN to make logging in on the iPhone a bit less painful (especially if, like us, you use random passwords). The PIN is eight digit, and although you might initially balk at the idea of reducing your security credentials, it's still a lot more secure than the four digit PIN for your bank card.

The basic functions of PayPal are right at the fore, and it's not been built to focus on eBay, which is no bad thing. Neither is it particularly designed to work only with big companies, paying for online purchases and the like. This is an app that aims to give you the power to give and receive electronic money with other people, effectively replacing cash.

You can send and request money from people in your contacts list, either by mobile number - if they're also using the app - or email address. It's a very clean interface, and you always review an action before committing to it. The other party receives a request straight away, forewarned by notifications on the iPhone screen regardless as to whether the app's running or not, and it's only a couple of taps to transfer the non-cash to you (also accompanied by instant notifications).

Other superb features come into play, such as a split-the-bill function and the option to request payment from multiple recipients at once. If this is the first you've heard about this feature, remember in a year or two's time where you heard it, as we can see this becoming the norm for splitting the cheque at a restaurant.

You enter the full amount, and how many people are sharing the bill. The app includes you at the top, and automatically splits the rest between the other participants, whose emails/phone numbers are entered into the request slots. Send those off, and each person then forwards you their share of the bill, allowing one person to pay the full cheque and get the money from everyone else straight back into their bank account. No more fumbling for change, and no more "forgetting" wallets. You can even request different amounts from each person, if you want a more precise exchange.

Coupled with the account history, bank transfer options and beautifully simple interface, the PayPal is the first step on a short road to eliminating cash, and after trying it out in real-life action, we have to admit we're looking forward to the end of the journey.

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